If fully franked franking credits would be $1.15 x 3/7 = 49 cents.
So at 86% franking credits are 49@86% = 42.4 cents
So taxable income is 1.15 plus 42.4 = $1.574 of which the franking credit of 42.4 will be offset against the tax charge.
franking credits, page-2
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